Finance Minister Taiwo Oyedele has challenged reports suggesting that the current Nigerian administration has incurred massive new debts. During a session with the Senate Committee on Finance, Oyedele stated that the alleged N80 trillion figure often cited in media reports is a result of accounting adjustments rather than fresh borrowing.
Oyedele explained that the perceived surge in debt stock, which stood at N75 trillion when President Bola Tinubu assumed office, is largely due to the revaluation of foreign currency debt following naira depreciation. This adjustment alone accounted for over N40 trillion. Additionally, the securitization of N33 trillion in Ways and Means advances—an existing obligation approved by the National Assembly—further inflated the official debt figures without constituting new debt.
The Minister maintained that the government remains committed to debt sustainability and utilizes borrowing exclusively for infrastructure development. He clarified that much of the domestic borrowing serves as refinancing for maturing debts. Meanwhile, senators raised concerns regarding the slow implementation of the 2026 capital budget, with Senator Tahir Monguno describing the lack of progress as a significant policy failure. Committee Chairman Senator Sani Musa defended the government, indicating that capital project implementation would improve soon as the administration transitions to a performance-based budgeting system.
